World Bank to deepen cooperation with AIIB
World Bank and the Asian Infrastructure Investment Bank (AIIB) signed a memorandum of understanding here on Sunday to strengthen cooperation between the two institutions.
Under the MOU, both sides agreed to cooperate on areas, including development financing, staff exchanges, and analytical and sector work.
World Bank and AIIB are discussing more projects to be co-financed in 2017 and 2018, said the statement.
Premier Li called to secure solid progress in pursuing the B&R Initiative
Premier Li Keqiang called for working to secure solid progress in pursuing the Belt and Road Initiative in his Report on the Work of the Government. "With a commitment to achieving common development and shared growth through joint consultation, we will ensure that the Belt and Road Initiative creates bonds of peace, friendship, and common prosperity," he said in the report.
AIIB formally established
The China-initiated Asian Infrastructure Investment Bank, or AIIB, has been formally established. Experts and observers believe that it marks a milestone in the reform of the global economic governance system as well as in the infrastructure development in the Asia-Pacific region.
China, CEE countries sign memo to promote Belt and Road Initiative
China signed five cooperation documents related to the Belt and Road initiative with five central and eastern European (CEE) countries on Thursday, making a leap forward in synergizing its development plan with those of of CEE countries. Chinese President Xi Jinping, together with five leaders from Poland, Serbia, Czech, Bulgaria and Slovakia, witnessed the signing of five MoUs on jointly promoting the Silk Road Economic Belt and 21st Century Maritime Silk Road initiative. China expects the participation of CEE countries in the development of the connectivity-based Belt and Road Initiative, Xi said while meeting with leaders from 16 CEE countries, who just attended an economic and trade forum in east China's Suzhou City.
China's regional governments finalize local B R implementation plans
China's provincial governments have all finalized their local implementation plans related to the Belt and Road initiative, the Securities Daily reported quoting the National Development and Reform Commission.
According to the plans, a batch of key projects will be put under construction in sectors such as infrastructure, industrial investment, economic and trade cooperation, energy and resource cooperation, financial cooperation, social and cultural cooperation, ecological environment and maritime cooperation.
Xinhua rolls out credit information service for Belt and Road initiative
China's Xinhua News Agency has launched a new line of information products to help global investors form better partnerships under the Belt and Road Initiative.
The new "Xinhua Silk Road" products, designed and managed by Xinhua, aim to provide a platform for commodity trade and investment cooperation among governments and companies in countries along the Belt and Road, Xinhua President Cai Mingzhao said at the launch ceremony on Thursday.
"Belt and Road" initiative to promote SCO economic cooperation
On the 15th meeting of the Shanghai Cooperation Organization (SCO), the linkage between China’s Belt and Road initiative and other SCO members’ development strategies is discussed. Xi Jinping suggested to Putin that the two countries take the SCO as an important platform to dovetail China's Belt initiative with Russia's aspiration under the Eurasian Economic Union (EAEU) framework.
China's top legislature ratifies BRICS bank agreement
China's top legislature ratified an agreement on the founding of BRICS New Development Bank (NDB), which will fund infrastructure projects in the bloc and other developing economies. The NDB is expected to launch late this year or early next year.
Premier Li's visit opens new chapter in China-EU economic ties
During Li Keqiang’s visit to the European Union, the two economic giants expressed interest in linking the European Fund for Strategic Investments (EFSI), known as the Juncker Plan, with the China-proposed Belt and Road Initiative. The integration of development strategies is expected to inject fresh impetus into China-EU economic ties.
China-led AIIB agreement signed in Beijing
The China-led Asian Infrastructure Investment Bank (AIIB) legal framework was signed in Beijing. The multilateral bank has an authorized capital of $100 billion, 75% of which will come from Asian countries. China is so far the single largest stakeholder, holding 26% of voting rights. The bank will start operation by year end.
Vice premier announces start of construction on China-Russia gas pipeline
Vice Premier Zhang Gaoli announced start of construction on the Chinese section of the China-Russia East Route natural gas pipeline. It is the largest China-Russia cooperative project conducive to diversifying energy strategy and guaranteeing the energy security of both countries.
BOC improves layout to support Belt and Road
The vice president of Bank of China (BOC) said BOC was optimizing distribution and resources in foreign countries, especially in ASEAN, in a bid to help the country push forward the Belt and Road initiative. The reported sale of Nanyang Commercial Bank (NCB), a wholly owned subsidiary of BOC Hong Kong, is the first step in the bank's plan. BOC also planned to recombine and transfer its businesses and assets in ASEAN to the BOC Hong Kong, to promote the Belt and Road Initiative.
Belt and Road nations account for 26 percent of China's total trade
In the first quarter of 2015, Trade with countries along the Belt and Road amounted to 236 billion U.S. dollars, which translates to 26 percent of China's total exports and imports during the period.